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The mobile Net mart in China is on a roll and Lenovo is attempting to pocket a lion’s share of the whole business. In a bid that would most probably take it closer to realize its dream, the Lenovo Group has made it official that it is buying out the entire businesses of Lenovo Mobile Communication Technology Ltd from a group of investors led by Hony Capital, the private equity arm of Legend Holdings.

Now at slot number 3 in the China mobile handset business scene, Lenovo Mobile sees the move as taking the new entity closer to being numero uno, though it is already the number one domestic brand. Lenovo has said the acquisition would be complete, once independent shareholders too give their nod.

Lenovo, post-buy out, would look at increasing the combined synergies of the two entities in product innovation, lean manufacturing, strong distribution channels and retail presence to lead the market for new mobile handheld devices in China, says a statement from the company. It believes it has become imperative that the convergence between the personal computing and mobile handset industry, and that the two technologies has begun providing different user experiences in the Internet space.

Lenovo believes that mobile Internet is a key growth opportunity for it in the future and is gearing up to stay tuned for the growth phase. With top level devices that boast of well applauded hardware and operating systems integration, the company will soon unveil a slew of products in this space in China. It may be recalled that Lenovo had shed stake in Lenovo Mobile in March 2008 in an attempt to concentrate more on its core PC business. Now that the acquisition is happening, it seems like market conditions and business strategies are undergoing a sea change. We look forward to the future to see more classy products being rolled out.